Recently introduced legislation aims to help Pennsylvanians paying off their home and student loans during the COVID-19 pandemic.
The help would come in the form of two bills that would waive interest on home loans issued by the Pennsylvania Housing Financing Agency and waive interest on student loans through the Pennsylvania Higher Education Assistance Agency.
Interest would be waived until the pandemic is brought under control.
“In the span of three months, COVID-19 has infected more than 207,000 people worldwide and counting. In Pennsylvania alone, there are 185 confirmed cases – and that number will most likely continue to grow in the coming weeks,” Rep. Morgan Cephas (D-Philadelphia), who co-introduced the bills, said. “Not only does this virus heavily impact our day-to-day lives, it also affects our futures. Hardworking Pennsylvanians and their families are finding themselves out of a job, or with fewer hours. With limited access to income, they are unable to pay their rent, bills, loans, and many other expenses accrued over time. We must do all we can to give working people a break during this unexpected time, which proves to be more and more challenging.”
The bills will protect people in need, Cephas said.
Rep. James Roebuck (D-Philadelphia) co-introduced the bills.